New Delhi, March 8
Kalyani Strategic Systems Limited ("KSSL"), a wholly owned subsidiary of Bharat Forge Limited ("the Company") has incorporated a Company "Sagar-Manas Technologies Limited" ("SMTL") on March 07 as a wholly owned subsidiary.
SMTL has been incorporated pursuant to a Joint Venture Agreement ("Agreement") executed between KSSL and Open Joint Stock Company Dastan Transnational Corporation Ltd.("Dastan") with an aim to participate in joint upgradation and manufacturing/ providing solutions for marine and defence products which will be undertaken through SMTL as a special purpose vehicle. Dastan, a Kyrgyzstan entity, is a leading multipurpose enterprise engaged in the development, manufacturing, sale of defence equipment, electronic devices, medical centrifuges, etc.
Upon completion of conditions precedent as envisaged in the Agreement, Dastan will acquire 49% of stake in SMTL. Consequently, KSSL will hold 51 % and Dastan will hold 49% equity in SMTL.